Pensions
New York City Takes ‘Major Next Step’ on Fossil Fuel Divestments
City hires Meketa Investment Group to develop divestment plan by end of year, citing federal inaction on climate change.
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Regulation
MetLife to Pay SEC $10 Million Fine Over Pension Accounting Violations
Firm assumed annuitants were dead or unreachable if they didn’t respond to two mailings.
Regulation
Investment Advisor’s Registration Revoked over Alleged Fraud
SEC says International Investment Group sold at least $60 million in fake loan assets.
Newsmakers
Ken Fisher’s Lewd Comments Cost Him a Big Client
The State of Michigan Retirement Fund has severed ties with billionaire asset manager’s firm, yanking $600 million investment.
SEC Charges ‘Guru’ in Alleged Fraudulent Digital Token Offering
Connected ‘political figure’ who invested $1 million was among the scam’s victims.
Investment Beliefs: Governance Bedrock for Investment Committees
Does your organization have developed investment beliefs? Learn why every investment committee needs an investment beliefs document and the six key questions that can help you develop one.
Regulation
Ohio Teachers Pension Sued over Eliminated COLAs
Plaintiffs says retirement system board reduced benefits unlawfully.
CalPERS New CIO Is a Seasoned Investor
Ben Meng’s predecessors did not have deep investment roots, instead administrative and political experience were their calling.
Why Canada’s Pension Plans Are in Such Good Shape
What US programs can learn from our neighbors to the north, like shucking outside managers and minimizing political interference.
Asset Management Culture
ISBI Chair Explains Why Illinois Ditched Hedge Funds
State investment board cut nearly all of its hedge fund managers.
Regulation
Is the Endowment Tax a Trojan Horse?
New 1.4% tax on private colleges’ investment income could be a ‘harbinger’ for non-profit entities.
Conning: Expenditures Continue to Pressure State Budgets
Fourth-quarter ‘State of the States’ report sees “no improvement” in state pension plan funding.
Newsmakers
NYC Pension Funds, RBC GAM Access Capital Team up for $450 Million Affordable Housing Plan
Investment includes first-of-its-kind program to support veterans.
IMF: Low Rates Threaten Solvency of Pensions, Insurers
The longer interest rates stay low, the more difficult it will be for pension funds and life insurance companies to meet liabilities.
SEC Joins FBI in Transition Management Charges
The US regulator follows Massachusetts’ state attorney and the FBI in charging ex-State Street exec Ross McLellan with fraud.